Binance CEO Defends Donations Following Crypto Charity Criticism 


19 Sep 2023 8:06 AM

Discover how Binance's CEO, Changpeng Zhao, defended the company's crypto donations policy amidst criticism....

  • Binance donated $3 million in its native token, BNB, to Morocco's earthquake relief efforts.
  • Changpeng Zhao (CZ), the CEO of Binance, responded to criticism from traditional charity organizations unfamiliar with crypto.
  • CZ listed five common issues raised regarding crypto donations, including the difficulty of converting BNB into Moroccan Dirham (MAD) and the perception that donations only help Binance/BNB users.
  • Binance uses a tiered system to prioritize users closer to the epicenter of the earthquake.
  • CZ explained that Binance also donates through traditional charity organizations but highlighted traceability problems.
  • Binance also donated $500,000 worth of BNB to support those impacted by floods in Libya.
  • Binance has published a blog post on how crypto can transform charitable giving.
  • Binance donated $7 million directly to the UN and humanitarian organizations for Ukraine Emergency Relief.

The sentiment in the article is mostly positive, highlighting Binance's efforts to provide immediate relief through crypto donations and addressing criticisms from traditional charity organizations.

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You May Ask

How much did Binance donate for Morocco's earthquake relief efforts?What were the common issues raised regarding crypto donations?How does Binance prioritize users for donations in affected areas?Why does Binance choose to donate through crypto instead of traditional charity organizations?Apart from Morocco, which other country received BNB donations from Binance?

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